Brits Eye Energy Efficiency Upgrades to Boost Property Value
In an era where property prices continue to fluctuate, and rising mortgage rates challenge potential buyers, homeowners in the UK are increasingly turning to energy efficiency upgrades as a means to enhance the market appeal of their properties. Recent research from Snugg has unveiled fascinating insights into the evolving landscape of property sales and energy efficiency in the United Kingdom, and as the CEO of EPC Choice, a prominent provider of Energy Performance Certificates (EPCs), I find these findings both intriguing and highly relevant to our mission of promoting energy efficiency within the property market.
According to the SNUGG report, a remarkable 75% of Brits likely to sell their properties within the next 12 months are seriously considering energy efficiency improvements as a way to boost their home's value. This revelation underscores the growing recognition among sellers that energy efficiency measures can significantly impact their property's attractiveness, particularly in a market marked by fluctuating house prices and rising mortgage rates.
What's truly noteworthy is that these potential sellers aren't solely motivated by financial gains. A substantial 74% express a genuine interest in these upgrades due to their desire to reduce their environmental footprint, while an equally impressive 75% are eyeing energy efficiency improvements to cut down on their utility bills.
However, despite this clear enthusiasm for home enhancements, the research also reveals a certain degree of bewilderment regarding the available options for energy efficiency upgrades. Alarmingly, 61% of likely sellers have previously explored government grants for home heating improvements but have been confounded by the complexities of eligibility. Similarly, 57% admit to being unsure about how to make their homes more energy efficient, and a disheartening 65% wrongly assume they are ineligible for government grants.
One remarkable government initiative that often goes unnoticed is the Boiler Upgrade Scheme, offering grants of up to £7,500 for the installation of heat pumps. Astonishingly, 68% of respondents indicate that they would refrain from making energy improvements without a government grant, with a strong belief that the government should subsidize the replacement of gas boilers with heat pumps.
The research further reveals a knowledge gap when it comes to understanding energy-efficient technologies. While 70% of people comprehend the workings of a gas boiler, only 35% possess a similar understanding of energy-efficient heat pumps. Even among likely sellers, this gap persists, albeit at a slightly smaller margin, with 78% understanding gas boilers compared to 60% who grasp the intricacies of heat pumps.
Perhaps the most concerning finding is that 42% of respondents do not know their home's Energy Performance Certificate (EPC) rating, and shockingly, 16% were not even aware of EPCs before participating in the survey. A mere 21% have knowledge of the grants available for home heating improvements, with the lowest awareness levels recorded in the North East of England (81%) and the East of England (75%).
Robin Peters, CEO of Snugg, has astutely pointed out the implications of this lack of information on home energy efficiency changes, emphasizing that it could further impede an already struggling property market. Notably, home energy efficiency improvements have the potential to increase property value by up to £15,000, and, as it stands, UK homes rank poorly in terms of energy efficiency, contributing significantly to our country's CO2 emissions.
In conclusion, it is evident that addressing the information gap and streamlining government initiatives in the realm of energy efficiency is not just a matter of economic opportunity but also a crucial step toward our environmental goals. As we navigate this evolving landscape, it is imperative that we ensure everyone has access to the knowledge and resources necessary for simple and cost-effective home improvements that can bolster the property market and expedite our transition to a net-zero future.
Chris Grant CEO of EPC Choice and Enery Efficiency Expert
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